Despite a significant decline in trading volume in the non-fungible token (NFT) market, a single CryptoPunk has been sold for 2,500 Ether (ETH), which equates to a price of just over $2.6 million.
$2.6 Million Transaction Makes CryptoPunk 4464 Sale -one of 24 ape-themed CryptoPunks- be the largest NFT sale of the last 30 days in the entire market.
Punk 4464 bought for 2,500 ETH ($2,615,224.91 USD) by 0x561786 from 0x33eaae. https://t.co/xqtkT3BeER #cryptopunks #ethereum pic.twitter.com/iCAAG4LKHg
— CryptoPunks Bot (@cryptopunksbot) July 12, 2022
Punk 4464 was purchased for 2,500 ETH ($2,615,224.91 USD) by 0x561786 from 0x33eaae. https://t.co/xqtkT3BeER #cryptopunks #ethereum pic.twitter.com/iCAAG4LKHg
When looking through the lens of Ether-denominated prices, the sale makes this particular Punk the fourth most valuable sale of all time in the collection, although recent downward pressure on the price of ETH means that the dollar value of NFTs has suffered substantially over time. In US dollar terms, it is CryptoPunk’s 15th most valuable sale to date.
Contrary to bearish sentiment around NFTs, floor prices for major collections have been on the rise in recent weeks; the minimum price of the CryptoPunk project has grown more than 65% in the last 30 days. Bored Ape Yacht Club (BAYC), the most popular NFT project, has seen a 21% increase in its minimum average price, and fellow project Mutant Ape Yacht Club saw its minimum price grow by 25%.
The record sale shows that, Even though trading volume and average low prices across the entire NFT market have fallen to new yearly lows, the most popular NFT projects continue to attract a lot of attention.
Unfortunately for NFT enthusiasts, in the last three months the NFT market capitalization has suffered a 32% drop, while losing more than 70% of its trading volume.according to data from NFTGo.
For its part, according to DappRadar, the number of users on OpenSea – the largest NFT market by volume – has fallen by almost 9% in the last month. By the end of last month, global NFT trading volume on the platform had fallen by roughly 65% to $500 million.
Although lower Ether prices have also pushed down overall volume, the number of first-time NFT buyers has remained relatively constant, at around 5,000 users since March of this year, suggesting that the market attractiveness for NFTs on the Ethereum network has remained.
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